Short Term Technical Analysis for Majors (07:00 GMT)

[WindsorBrokers]

EUR/USD

Extends the near-term advance from 1.3968 after initial gains were capped at 1.4130 and subsequent correction found footstep just above 1.4000 level. Overnight’s rally through 1.4130 barrier and trendline resistance at 1.4169, focuses 1.4200, Fib 61.8% retracement of 1.4344/1.3968 downleg and 1.4231/59, 20 May intraday highs, with lower top seen under 1.4300 zone, where daily 55 day MA caps. Break above 1.4344, 20 May high, however, would signal fresh recovery phase and open 1.4420/40. On the downside, 1.4130 offers initial support, ahead of 1.4065 and key near-term support zone at 1.4026/10, loss of which would turn bearish.

Res: 1.4188, 1.4200, 1.4231, 1.4259
Sup: 1.4130, 1.4065, 1.4026, 1.4010




GBP/USD

Maintains positive tone off 1.6057, 24 May fresh low, after holding gains above med-term trendline at 1.6140, and rallying through 1.6300, key near-term barrier. Immediate pullback from fresh high at 1.6333, on overbought hourlies, is seen corrective, with initial support at 1.6250 and higher low anticipated above 1.6200, to maintain near-term bullish structure. Break above 1.6333 to target 1.6377/1.6420.

Res: 1.6333, 1.6377, 1.6400, 1.6420
Sup: 1.6250, 1.6210, 1.6200, 1.6165




USD/JPY

Eases below 82.00 after upside remains capped at 82.20, with dips contained above 81.60, initial support. Downside for now remains protected at 81.60/55, 24 May low / main short-term trendline support, but clearance of 82.20 is needed to resume gains from 79.55 and open 82.80/83.09 next. Otherwise, further sideways near-term trading would be the likely scenario.

Res: 82.20, 82.80, 83.09, 83.30
Sup: 81.66, 81.61, 81.55, 81.31





USD/CHF

Weakens further the near-term structure after 0.8880/90 zone capped recovery attempts and fresh weakness confirmed lower top at 0.8890 after break below triangle support at 0.8787 extended losses through 0.8746/06 supports, to probe the levels under 0.8700, Fib 61.8% of 0.8550/0.8944 upleg. Immediate focus is at 0.8675/45, with possible attack at 0.8550, record low, seen near-term. Bounce on oversold hourly conditions is seen corrective while 0.8800 zone caps.


Res: 0.8746, 0.8780, 0.8800, 0.8812
Sup : 0.8694, 0.8675, 0.8645, 0.8600